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201007344 work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless as agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be r~uurexl to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Leader's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrvment, whether or not then due, with the excess, if any, paid to Borrower. Stich insurance proceeds shall be applied in the ard~ provided for in Section 2. If Borrower abandons the Property, Lender may file. negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and mottle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Inswment, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instmm~ent, whether or not then due. 6. Occupancy. Borrower shall axupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall cantinas to occupy the Property as Borrower's principal residence for at least one year after tbe date of occupancy. unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless ~uating circunnstances exist which are beyond Borrower's control. 7, Presnrvadon, Maintenance and Protection of the Properly; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating Or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration i$ not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance ar condemnation proceeds are paid in connection with daninage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. lender may disburse proceeds for the repairs and restoration in a single payment or in: a series of progress payments as the work is completed. If the insurance ar condemnation proceeds are not sufficient to repair ar restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender ar its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on tbe Property. header shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrovrer'e Loan Applicadon. Borrower shall be in default if, during the Loan application process, Harrower or arty persons or entities acting at the direction of Harrower or with Borrower's knowledge or consent gave materially false, misleading, Or 1naCCUTatB infarmalaion Dr $tatemEatS to Lender (or failed W provide Lender with material infotnnatian) in connection with the Loan. Material represe~rntations include. but are nut limited to, representations concerning Borrower's oaatpancy of the Ptnperty as Borrower's principal residence. RABKA _ SMgle Family - Ferris MeuFrrdms Mee UNIFORM INStRUMEI~R ~(NE)1os~ ~ - ~ 7 m ~ s i~nw.: ~ Form 3028 1 /01